The Top Three Mistakes in Hispanic Marketing

The Hispanic population boom in the US has sent companies scrambling to win a piece of the lucrative pie.

According to the The Selig Center for Economic Growth, Hispanic buying power for 2002 totaled $580 billion, with a predicted compound annual growth rate of 8.7%. (The standard rate for non-Hispanics is 4.8%.)

The center's study predicts that by 2007 the dollar power of Hispanics will rise to $926.1 billion. The Hispanic community clearly holds a great deal of economic clout, which certainly explains why marketers are vying for its attention.

Unfortunately, many marketing campaigns are ineffective. Here are the top three reasons.

1. Advertising for Service-Related Products, But Not Educating

There are 39.9 million Hispanics in the US, and half of the adults among them are foreign-born. Obviously, many Hispanics in the US are native-born, but they are typically served by standard marketing campaigns in English.

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Blaire Borthayre is a Mexican-American consultant in the field of Hispanic marketing and CEO of Hispanic Marketing Resources (www.hispanicmarketingresources.com).